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EXHIBIT 99.(A)(15)
CONTACT: Investor:
Cynthia T. Gordon
Senior Director, Investor Relations
(972) 580-5047
Media:
Mary Forte'
Executive Vice President and
Chief Administrative Officer
(972) 580-4810
ZALE CORPORATION SUBSIDIARY COMPLETES
TENDER OFFER FOR PIERCING PAGODA
DALLAS, Texas, September 20, 2000 -- Zale Corporation (NYSE: ZLC)
announced today that its indirect wholly owned subsidiary has completed its
tender offer for all of the outstanding shares of common stock of Piercing
Pagoda, Inc. (NASDAQ:PGDA), at a price of $21.50 per share in cash.
The tender offer expired at 12:00 midnight, New York City time on
Tuesday, September 19, 2000. Zale Corporation has been advised by American Stock
Transfer & Trust Company, the depositary for the tender offer, that as of the
expiration of the tender offer 8,943,833 Piercing Pagoda shares, representing
approximately 94.7% of the outstanding shares, have been validly tendered and
not withdrawn pursuant to the tender offer (excluding an additional 448,031
shares tendered pursuant to the procedures for guaranteed delivery). Jewelry
Expansion Corp. has accepted for prompt payment all shares validly tendered
pursuant to the tender offer. As soon as practicable, Zale Corporation intends
to merge Jewelry Expansion Corp. with and into Piercing Pagoda, with Piercing
Pagoda as the surviving entity. As a result, each share of Piercing Pagoda
common stock not acquired pursuant to the tender offer will be converted into
the right to receive $21.50 per share in cash, without interest.
Zale Corporation, the largest specialty retailer of fine jewelry in
North America, operates approximately 1,390 specialty retail jewelry stores
located throughout the United States, Canada, Puerto Rico, and online, including
Zales Jewelers, Zales Outlet, Zale.com at www.zales.com, Gordon's Jewelers,
Bailey Banks and Biddle Fine Jewelers and Peoples Jewellers. Additional
information on Zale Corporation is available on the Internet at
www.zalecorp.com.
Piercing Pagoda, the largest specialty retailer of gold jewelry
operating through kiosks and traditional stores in the United States, currently
operates over 940 stores in 44 states with 12 locations in Puerto Rico. The
company primarily operates under the names Piercing Pagoda, Plumb Gold, Silver &
Gold Connection and Diamond Isle, and offers an extensive selection of popular
priced 14 and 10 karat gold chains, charms, bracelets, rings and earrings, as
well as a selection of silver and diamond jewelry.
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